The New PenFed Defender American Express® Card Features Cash Rewards, No Fees, and a Low APR

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Sep 04, 2012, 02:02 ET

PenFed unveils its new cash rewards credit card, the PenFed Defender American Express® Card, available exclusively for active and retired U.S. military members.

ALEXANDRIA, Va., Sept. 4, 2012 /PRNewswire-USNewswire/ -- PenFed (Pentagon Federal Credit Union) announced today the launch of a new cash rewards credit card, the PenFed Defender American Express® Card.

(Logo: http://photos.prnewswire.com/prnh/20120105/DC31048LOGO)

The card is specially designed for military members. PenFed members and those who join PenFed who are currently active or retired U.S. military, including Reservists or those who currently serve in the National Guard, will be able to apply for the card. PenFed will also extend the product to eligible members of certain affinity groups that belong to its Membership Charter.

"It is a pleasure to add the Defender Card to our credit card portfolio," stated Kevyn Myers, Executive Vice President, Card Services, PenFed. "At PenFed, we aim to offer superior financial products to the very special men and women who serve our nation. In keeping with this pledge, we're proud to have designed a product that helps our active and retired U.S. military members meet their financial needs and earn outstanding cash-back rewards on every purchase they make with the card – a product that we feel is one of the best deals around."

The PenFed Defender American Express® Card will feature:

1.5% cash back on eligible spending*
6.99% APR introductory purchase rate for the first 60 months. After that, the APR will vary with the market, based on the Prime Rate—currently that rate would be at a 9.99% APR.
Absolutely no fees or penalty pricing
Cash back is credited automatically as a statement credit to the account each month
No tiers, caps or limits to the amount of cash cardholders can earn

For more information about PenFed and to apply for the credit card, visit PenFed.org or call 800-732-8268.

About PenFed (Pentagon Federal Credit Union)

Established in 1935, PenFed is one of the largest credit unions in the United States with over a million members and more than $15 billion in assets. PenFed provides an extensive selection of financial products to its members worldwide. Its core membership includes the Department of Defense, Army, Marine Corps, Navy, Air Force, and Coast Guard; Department of Homeland Security personnel, employees or volunteers of the American Red Cross, numerous military associations, and many others.

Disclosures: Rate and offer effective September 1, 2012, and are subject to change. No-fee cash advances carry a 9.99% APR and will vary with the market based on the Prime Rate. 4.99% APR promotional balance transfer rate for life of the balance on transfers made between September 1, 2012 and December 31, 2012. After December 31, 2012, the APR for new balance transfers will be 9.99% and will vary with the market based on the Prime Rate. Subject to credit approval. *Cash back is available only for new monthly purchases made with the card: cash advances, checks drawn from the account, and balance transfers are excluded and do not earn credit toward rewards. Certain restrictions may apply. Your card account must be open and in good standing to earn rewards. This Credit Card program is issued and administered by PenFed. American Express® is a federally registered service mark of American Express and is used by PenFed pursuant to a license. Federally Insured by NCUA.

SOURCE Pentagon Federal Credit Union